US Dollar Mostly Lower on Profit Taking and Consolidation

Greenback is losing ground today, thanks in large part to profit taking and consolidation going on right now. At the end of last week, good economic news sent the US dollar soaring, but now it seems as though Forex traders are ready to take a step back and consolidate their positions.

US dollar is mostly lower today as Forex traders and others consider their positions and take profits. Greenback is down against the euro and the yen, even though it’s gaining against the pound. For the most part, the latest news out of China is providing a bit of an upset to the world markets, and Forex traders are taking profits and consolidating their positions before they get ready for what’s next.
Also weighing on the dollar today (and providing a little help for the ailing euro) is the fact that commodities are on the rise. Oil prices are higher today, and gold prices have surged above the $1,200 an ounce level. All of this means a weaker dollar.
At 11:28 GMT the US dollar index is down to 88.8770 from the open at 89.1980. EUR/USD is up to 1.2352 form the open at 1.2311. GBP/USD is down to 1.5643 from the open at 1.5645. USD/JPY is down to 120.0080 from the open at 120.6610.

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